Is your business strategy aligned with your brand strategy?
Many executives working in the corporate setup usually fail to see the connection between business and brand strategies. As far as their perception goes, business strategy communicates goals and provides the pathway to achieve the company’s pre-set objectives. Whereas, the brand strategy is considered as a mere marketing tool that is vastly used by the marketing team. This incorrect perception has resulted in the lack of effort on the part of the management to align their business and brand strategies. However, the truth lies in the fact that the absence of integration of these strategies will limit the company’s take off to chart new heights.
Why is this integration necessary?
The aligning of the business goals and brand strategy is one of the rudimentary necessities that modern-day businesses need to fulfill. Here are a few reasons that compel businesses to integrate the said strategies:
The various departments in a company cannot function as silos and anticipate progression and profit. Silos system of work hinders the successful execution of any strategy formulated. Hence, the planning committee needs to ensure that the dependency (including resource sharing) of various functions are taking into account while setting goals and objectives. The marketing department, on the other hand, must ensure that the brand strategy they are responsible for radiates the culture and values of the company as inked in the business strategy. By integrating these strategies, the management can make their presence impactful and engaging.
The ultimate aim that most businesses envision for themselves is to establish their footprint in the global market. When venturing into diverse markets, the aligning of business and brand strategies are critical. The expansion plan will be widely successful if the company can align its strategies across regions and leverage the boosted brand value to garner attention in the new markets. A failure to do so will dilute the effect of the said strategies and will cause the units to get side-tracked from focusing on the set goals.
Charting in strategic direction:
Finding the essence of the business goals (both short-term and long-term) in the brand strategy helps the teams involved in its execution to stay focused to achieve the pre-set goals. It serves as a constant reminder that cannot be refuted and keeps the operations of the company directed towards achieving the formulated objectives.
Permeating business goals and priorities by mapping it with the brand strategy will pave the way for business growth. This is critical to the formulation of an immaculate go-to-market strategy that can leverage the presence of the brand thus established. The brand presence that the integration helps create gives it’s an exclusivity enabling it to stand out in the clutter. These accomplishments combined will aid in heaving revenue, attracting and retaining customers and investors, thereby achieving the set objectives.
Reconnecting with key stakeholders:
The business strategy is constantly modified to keep pace with the changes occurring in volatile markets. This calls for a brand refresh that will help the company to reconnect with all sections of its stakeholders. However, making changes in the business strategy and communicating it to the associated parties is easier said than done. Incorporating the changes thus made in an all-inclusive brand strategy will convey the message to the stakeholders seamlessly. This helps the business to reconnect with both its internal and external key stakeholders and re-establish their confidence in the business decisions taken.
Mindful management is quick to understand the criticality of aligning the business and brand strategies, and thus, invest in accomplishing the same. Whether you are a new entrant in an already populated market or an established business, the brand strategy can make a positive impact that can drive your revenues. By integrating the two strategies, businesses can pack a punch that will not just help them scale up their operations but also to boldly explore new terrains. The aligned strategy can be effectively leveraged by businesses to get stakeholders to invest emotionally and transactionally, thereby strengthening the brand while generating profits.